One is building a successful television career, one is the deputy editor of the Sun and another is Sir Paul McCartney's spin doctor. It would appear that being a Shafta winner doesn't exactly harm your career.

The opposite of Baftas, Shaftas honour the finest inventions to have ever graced the showbiz and TV pages of the national press. The awards' motto has become "It was true at the time"- with Piers Morgan, Dominic Mohan and Geoff Baker all proud recipients.

Shaftas host Johnny Vaughan often sums up the awards' ethos by quoting a tabloid journalist who once told a colleague: "Fuck the facts, just quote a friend - the pub's open in 10 minutes." So it is not difficult to see why some Shafta winners who have moved up the management tree since then are a little coy about their past, erm ... achievements.

Sense of humour

According to the co-founders, Baker and Daily Mirror feature writer Kevin O'Sullivan, the point of the awards is to deflate those huge industry egos. Baker says: "It's only a bit of a laugh. Most people have shit lives and we provide a bit of a diversion."

O'Sullivan agrees: "It's all about having a sense of humour about yourself. It's the one event where the whole of the media comes together to take the piss out of themselves. And that's got to be a good thing."

The Shaftas began in 1987 when O'Sullivan and Baker were vying for soap scoops on the Sun and the Daily Star. Baker and his colleague Pat Codd crossed the line into fantasy with the implausible headline: "Princess Margaret to appear in Crossroads" and, lo, the Princess Margaret Awards were born.

There are few details of who won what in the early days. Mostly due to "the vast amount of alcohol consumed", admits Baker. In those days it was a low-budget affair - with hacks gathering around beer-soaked cuttings in Fleet Street's Cheshire Cheese pub or Stringfellows.

Attendees included Chrissie Iley, crowned this year's British Press Awards interviewer of the year, and Andy Coulson, the former News of the World editor who is now David Cameron's spin doctor.

In the early days Peter Willis organised the event, until he became the Daily Mirror's associate editor in 1997; he also plans the paper's Pride of Britain Awards. But it wasn't until 2001 that the People's then showbiz supremo Sean O'Brien revived the Shaftas, now a slick ceremony at the Cafe de Paris in the West End.

Recent "scoops that never were" include the Sunday People's "Spice Island: Beckhams to buy £6m island off the coast of Essex", the Daily Star's "Jacko's chimp to testify" and the Sun's "Victor Meldrew found in space".

So what is it like to win an award? I can write from personal experience. I won the Michael Fish prediction award in 2004 for reporting in the Daily Mail that the actor Bill Nighy was to play Doctor Who. Alas, the role went instead to Christopher Eccleston. I dedicated my award to the BBC press office for its help, and was roundly applauded by my colleagues for finally joining the illustrious ranks of Shafta winners.

Piers Morgan

Then: editor, Daily Mirror

Now: judge, Britain's Got Talent; winner, Celebrity Apprentice US

Shaftas highlights: So many to choose from. He won the lifetime achievement in 2005. And, in 2004, two million Mirror readers were told that Sir Paul McCartney and Heather Mills had had a baby boy - 24 hours later, the Mirror 'fessed up with the headline: "It's a Girl!".

Morgan says: "It was a career highlight for me to win a Shafta, mainly because it celebrates what I believe to be the very essence of Fleet Street: the regular ability of adult, intelligent, well-educated, street-smart journalists to behave like complete and utter numbskulls."

Richard Wallace

Then: acting editor, Sunday Mirror.

Now: editor, Daily Mirror

Shaftas highlights: Denial of the year in 2004 for an apology to David and Victoria Beckham after saying it was "all over" for their marriage. "We now accept that Victoria did not tell David to leave Spain, or that their marriage was over. David did not refuse to back down, and far from being in ruins, their marriage is very strong and they are as much in love as ever."

Wallace says: "I have no memory of the Shaftas whatsoever, which is as it should be."

Eva Simpson

Then: 3am girl, Daily Mirror.

Now: acting deputy editor, the London Paper; What the Papers Say award winner

Shaftas highlight: In 2006 Simpson won the Princess Margaret top award for her showbiz scoop, "Live 8 from Space". In 2002,under the headline, "Thin Lizzy Steps Out", 3am took the golden biscuit gong with a stern rebuttal of rumours of Liz Hurley's pregnancy: "While other absurd publications wittered on about Liz Hurley being pregnant, we held our counsel, aware that the rumours were utter tosh." Less than a week later, Hurley's pregnancy was announced.

Simpson says: "It's an exclusive club and the only one you can't pay to be a member of - for what that's worth."

Matthew Wright

Then: Daily Mirror showbiz reporter.

Now: presenter, The Wright Stuff; Radio 2 DJ

Shaftas highlights: In 1990 Wright won a Shafta for his sensitive questioning. At a press conference to launch Leslie Grantham's appearance in ITV's murder mystery show Cluedo, Wright asked: "Leslie, you've killed before, how does it feel to kill again?" Grantham walked out.

In 2002 he picked up best apology for reviewing a play starring former Starsky and Hutch star David Soul - and alleging it was watched by just 45 people. Soul accepted "significant" damages and the Mirror apologised.

Wright says: "I've lost count of how many Shaftas I won ... to date, they're the only awards I have ever won."

Dominic Mohan

Then: editor, Bizarre

Now: deputy editor, the Sun

Shaftas highlights: Won the Scoop of the Year award in 2003 for the jaw-dropping exclusive, "Sara Cox's husband fell off a chair." In 2002 he scooped the Kate Thornton award for worst showbiz interview for an interview with Mariah Carey that failed to identify that she was, er, suicidal.